Kishore Biyani, managing director, said the initial public offer would raise around Rs 2000 crore (Rs 2 billion), but refused to comment on the nature of the new company.
The big boys of India's traditional retail have finally come together to fight the onslaught of their online counterparts.
'Will make sure that we create value. We will again look for organic and inorganic opportunities.'
The announcement comes in the wake of the consolidation of Future-Axiom's other mobile brands under the brand name 'One Mobile'. The company plans to open 1,500 stores and touch points in the country by December 2009, giving it a reach in 58 cities.
India's retail giants, including Kishore Biyani's Future Group, Mukesh Ambani's Reliance Retail and Sunil Mittal-promoted Bharti group, have started negotiations with the railways for leasing land for retail development.
India is one of the top investment destinations in Asia for retail and consumer sector, which is expected to witness rapid growth, aided by its IT capabilities, global consultant PricewaterhouseCoopers said on Thursday.
Billionaire Mukesh Ambani's children -- Isha, Akash and Anant -- on Monday were appointed on the board of his energy-to-technology conglomerate Reliance Industries Ltd, in what is seen as a clear path of succession planning at India's most valuable company.
In a first, the Centre will start selling tomatoes at discounted rates in retail markets in the national capital and few other cities from Friday to provide relief to the consumers as the price of the kitchen staple is ruling high at over Rs 200 per kilogram in some parts of the country.
Retailers such as Future Axiom and Vmart have decided to consolidate their business by reaching out to unexplored markets outside major cities, believing them to have been relatively unaffected by the downturn. Future Axiom's mobile bazaar CEO, Ashy Sehgal said, "Instead of spending heavily on attracting more customers in overreached metropolitan markets, we can target the unheeded customer waiting for us in smaller cities."
'I think some of us, like Mukesh Ambani, myself and those of us who head industrial units, ought to really focus on what we can really do to make the world a safer place, maybe 50 or 100 years from now.' 'For instance, how can we deal with climate change and global warming, right now?' 'The effects of it may not be felt now; in fact, we may pay a price for it today, but it will help the generations to follow.'
Tier-II cities are all set to witness good retail growth in near future.
Festive season is the mainstay of most brick and mortar retail chains.
Though the exact amount of stake dilution is not known, Pantaloon Retail's Managing Director Kishore Biyani said the company would divest more than 20 per cent shares. Future Ventures will house the company's JVs and new ventures.
Identifying Indian youth as engine for growth of retail sector, global professional services firm Ernst & Young said on Friday they offered a huge consuming audience for lifestyle and luxury products.
Our years of working with leading brand manufacturers around the world have taught us that there is no silver bullet.
Shoppers Stop is looking to open four new stores this year and plans to invest Rs 120 crore.
Kishore Biyani's Future Group is getting its act together on supplying its private labels outside the group's 1,000-odd outlets, even as Mukesh Ambani's Reliance Retail has already marched ahead by starting to sell some of its private brands to kiranawalas (independent stores).
The head of leading Indian bank ICICI Bank said on Monday he expected growth in the firm's retail business, which helped fuel better-than-expected third-quarter results, would continue into the fourth quarter.
While looking at consumer behaviour in the post demonetisation period, the research found that rural consumers were equally enthusiastic about cashless payments.
'They have since only tried to improve systems. Also, with regulatory guidance from time to time, we are in a position to assess a situation and react in time.'
The Supreme Court is scheduled to pronounce on Friday the verdict on e-commerce giant Amazon's pleas against the merger of Future Retail Ltd (FRL) with Reliance Retail and is likely to decide whether Singapore's Emergency Arbitrator (EA) award, restraining the Rs 24,731 crore deal, was valid under Indian law and can be enforced. As per apex court website, the verdict would be pronounced at 10.30 AM by a bench of Justices R F Nariman and B R Gavai which had reserved it on July 29 after hearing battery of lawyers including senior advocates Harish Salve and Gopal Subramanium, appearing for FRL and Amazon respectively. The verdict is keenly awaited as it is likely to deal with the legality and enforceability of an award by an Emergency Arbitrator (EA) of the foreign country here in view of the fact that the term EA is not used in the Indian Arbitration and Conciliation Act.
'For experienced and risk-taking investors, now may be the time to go all in.' 'By 'experienced and risk-taking', I refer to those who remained net buyers in equities during the early stages of the 2020 pandemic.' 'On the other hand, those who exited the markets during the pandemic may go the SIP way.'
Durable retailers have lined up a series of offers to lure customers during Christmas and New Year's eve
While Ambani, 66, drew nil salary from the company since the 2020-21 fiscal year, other executive directors including his cousins Nikhil and Hital are paid a salary, perquisites, allowances and commission. His three children - twins Akash and Isha (both 31) and Anant (28 years) - will get only a sitting fee and a commission on the profit earned by the firm.
Puri said ITC will focus on health and wellness products within the FMCG vertical. He also said the company will attempt to reinforce the existing categories in the FMCG segment.
Even as India Inc lines up billions of dollars to invest in the country's retail sector, murmurs have arisen of fuzzy revenue models and a possible capacity glut.
Retailers and mall developers have seen 35-50 per cent growth in the first two weeks of the end-season sale.
Nikhil Anand, senior vice president, operations, at NLB Services explains why professionals who are adept at data, cloud computing and cybersecurity will earn well in 2024.
Logistics and delivery firm Dunzo plans to settle dues of former employees in next three months while it is regularising salary for its current employees, sources said. The firm backed by Reliance Retail and Google said that while its co-founder Davlir Suri has decided to leave the company, another co-founder Mukund Jha will continue be part of the strategic leadership team. "In June salary of 85 per cent employees were paid.
Petrol and diesel are among the 90-plus commodities that have been approved by the government for derivatives trading
RBI's exercise will take into account standards of governance, the viability of the payment bank (PB) business model, and changes, if any, if needed.
Future group has gone premium for the first time with Holii. A bag and accessories brand, it was soft-launched in 2009. The prices begin at Rs 700, with most of the bags costing upwards of Rs 1,800.
The JV will be set up in about 8-10 cities, including Hyderabad, Ahmedabad, Kolkata, Bangalore, Indore, Jaipur, Pune, Delhi and Mumbai. The investment is expected to provide significant synergies to the Future Group, which has a large advertisement budget and aligns well with the group's businesses such as Future Media, which has interests in media and advertising.
Global trends, trading activity of foreign investors and movement of oil benchmark Brent crude would dictate terms in the domestic markets this week, analysts said. Equity markets, which fell nearly 3 per cent last week, may face volatile trends amid the monthly derivatives expiry on Thursday. "This week marks the September month Futures and Options (F&O) expiry, which is expected to bring about volatility in the market," said Santosh Meena, Head of Research, Swastika Investmart Ltd.
E-tailing, or online retailing, is catching up in India with major retailers setting shop online.
Ventures in areas such as insurance, financial services and logistics valued at Rs 4,500-5,000 crore ; company in talks with PE giants KKR and JP Morgan.
Kolkata, which has remained a priority centre for Future Group is also all set to get three more Pantaloon stores by the festive season in 2011. The group has finalised locations for Madhyamgram, Lake Mall and Jessore Road.
